Treasury secretary encourages the $4 trillion increase before the House recesses.
The House majority unveiled a proposal to raise the federal debt ceiling by $4 trillion this week, intending to include the measure in a larger bill to implement President Donald Trump’s proposed changes to U.S. tax policy. This is similar to the $5 trillion raise to the debt ceiling proposed by the majority in the Senate, though negotiations between the two chambers are ongoing.
This movement to raise the debt ceiling comes as Treasury Secretary Scott Bessent warned Congress that the federal government could default on its $36 trillion debt if legislators do not increase the limit before their summer holiday.
In a letter sent to Speaker of the House Mike Johnson last week, Secretary Bessent said there is “reasonable probability” the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”
As the Lord Leads, Pray with Us…
- For Secretary Bessent to receive God’s guidance as he manages the U.S. debt obligations.
- For wisdom for Speaker Johnson and Majority Leader Thune as they consider raising the nation’s debt ceiling.
Sources: Politico, CNN
